- 30 Jun, 2017

Top 7 Benefits of Using a Mortgage Broker

There is a lot that goes into finding the perfect home loan for your needs – let alone a lender you are likely to be approved by. With the expert advice and guidance of a broker, you are in a better position to be matched with a great loan product and to avoid expensive mistakes. A mortgage broker serves as the essential bridge between your unique financial situation and the home loan that will put you in your dream home.

Why work with a mortgage broker? Here are seven reasons why a good broker can make finding your home loan a better experience for you.

An Expert Can Clarify What You Are Looking For

How much are you likely to save with an offset account – is it worth a higher interest rate? Will you qualify for a full doc loan? What would serve your short and long-term financial goals better – a fixed, variable, or split rate loan? A mortgage broker will help you weigh your options and identify the features, interest rate, and fee schedule for your ideal home loan.

Take an Objective Look at What You Can Borrow

You may have a vague idea of how much you can afford, only to sit down with your bank’s loan specialist to discover you may be way off on your estimate. A broker can help you calculate how much you can borrow and take a realistic look at how much you are likely to be able to afford in your monthly or weekly repayments. They won’t just help you be honest about your budget, but they can also tell you what different lenders will determine you can afford based on your current budget and lifestyle.

Simplify the Comparison Process

If you’ve started searching for a home loan, you already know how much research work is involved. An experienced broker can neatly – and quickly – provide you with a clear comparison of loans that are likely to be a good fit for you. This will save you the time spent as well as the headache of finding suitable loan products. They’ll also be on top of all the best deals, rebates, and discounts that you may be able to take advantage of.

Do the Paperwork for You

This is one of the best perks of working with a mortgage broker. They will take care of all the paperwork, including the legal work, the application, and settlement process. This means you can focus on searching for your perfect home rather than having to worry about all the nuances and obstacles of getting approved.

They Can Help You if You Aren’t a Traditional Borrower

If you have less than perfect credit, are self-employed, or for any other reason don’t fit into the conventional borrower profile, a mortgage broker will be able to find you the competitive loans that you are likely to qualify for. There are many specialist lenders out there, as well as banks with flexible lending policies. A broker can connect you with the ones who have common sense home loans without the high fees and interest rates that may be attached to some specialised loan products.

Get Your Loan Pre-Approved for You

You’ll likely want to get your loan pre-approved so you have an idea of how much your chosen lender will let you borrow before you search for the property you want to buy. Your broker can take care of this for you.

Support and Guidance Until Your Loan Is Settled

Once you go through the process of finding a home loan, applying, getting approved, and being ready to purchase your home, you’ll realise how much having an expert there beside you every step of the way can make a world of difference. With a mortgage broker by your side, you can have all your questions answered and get the expert advice you need to make the best possible decisions for you.

Many things in life are well-suited to a learn-as-you-go approach, where every mistake can be an opportunity to gain more knowledge. This isn’t exactly the best method for applying for a home loan where every mistake can cost you hundreds, if not thousands of dollars. With a mortgage broker, you don’t have to worry about making the wrong move. You’ve got a professional there to help you steer clear of any bumps in the road, making your experience of buying a home as smooth as it should be.

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